Facing what it called "a significant decline in advertising revenues" as a result of the COVID-19 pandemic, Meredith Corp. says it's implementing sweeping pay cuts across 60% of its approximately 5,000 employees, suspending quarterly dividends and withdrawing the 2020 fiscal outlook it communicated to investors on its most recent earnings call in early February. Effective May 4 and continuing through early September, 45% of the company (approximately 2,250 staffers) will have their pay reduced by 15%, while an additional group representing about 750 of the company's highest-paid employees will see pay cuts starting at 20% and ranging up to 40% for president and CEO Tom Harty and the Board of Directors. Salaries for the remaining 2,000 or so employees will not be impacted. Additionally, Meredith says those employees whose salaries are being reduced will be given one day of unpaid leave per week until September 4. Effective immediately, the company is also implementing a wage, salary and hiring freeze as well as "a significant reduction in temporary and freelance usage." "The COVID-19 crisis has created an extremely challenging business environment, including significant advertising campaign cancellations and delays," said Harty in a statement. "While our financial position is strong, given the impact on advertising—which represents approximately half of our revenue mix—we are proactively taking aggressive actions to strengthen our liquidity and enhance our financial... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-04-20 17:45:12 UTC ]
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Weekly and bi-weekly magazines proved to be more agile in the first half of 2011 than their monthly counterparts, posting a 1.3 percent gain in ad pages, according to MagazineRadar. Monthly magazines ad pages only increased .3 percent during the same period. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-02 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 29/07/2011 - 09:15 Eason is opening four new franchise stores in Ireland as it appeals for more people to become franchisees. The Irish bookseller said it was "keen to encourage individuals and businesses" to explore the Eason franchise model as... Continue reading at The Bookseller
[ The Bookseller | 2011-07-29 00:00:00 UTC ]
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Even though ad exchanges and networks were created to lubricate the buying and selling of digital ad inventory, the system is still far from slippery. One lingering issue is that of transparency: when online publishers cant sell all their inventory directly to advertisers (often at a premium),... Continue reading at AdWeek
[ AdWeek | 2011-07-28 00:00:00 UTC ]
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Martha Stewart Living Omnimedia, Inc. reported revenue of $54.9 million for the second quarter of 2011 compared to $55.3 million during the same period last year. Continue reading at Folio Magazine
[ Folio Magazine | 2011-07-27 00:00:00 UTC ]
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Looks like it's shake-up time again at AOL. In a memo to AOLers today, CEO Tim Armstrong announced a batch of management changes. The latest major casualty of AOLs continuing comeback? Ad sales boss Jeff Levick, one of Armstrongs earliest hires who joined the company from Google in 2009. Jeff... Continue reading at AdWeek
[ AdWeek | 2011-07-26 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Tue, 26/07/2011 - 08:55 Digital is accounting for 75% of Taylor & Francis' parent company Informa's publishing sales, as it revealed half-year profits increased by 14.3% to £55.2m. For the first half of 2011, Informa's sales increased by 1.7% to... Continue reading at The Bookseller
[ The Bookseller | 2011-07-26 00:00:00 UTC ]
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Social reading app Flipboard has struck a deal with Condé Nast to display full-page ads in several of the publishers titles. Starting today, readers of the New Yorker on Flipboards iPad app will begin seeing branded content from American Express throughout the virtual magazine. In October, a... Continue reading at AdWeek
[ AdWeek | 2011-07-25 00:00:00 UTC ]
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Forbes Media has struck a strategic partnership with Techonomy Media, a new media business founded last year by former Fortune magazine editors and writers David Kirkpatrick, Peter Petre and Brent Schlender. Continue reading at Folio Magazine
[ Folio Magazine | 2011-07-21 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 15/07/2011 - 14:34 Christian bookselling chain Living Oasis has admitted only one of its branches is making any profit as it culled another shop last week, reducing its total number of stores from 19 to four in just four months. Living Oasis... Continue reading at The Bookseller
[ The Bookseller | 2011-07-15 00:00:00 UTC ]
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Magazine publisher Future is restructuring its business in the UK and US following a 5% fall in group revenues over the past nine months. Continue reading at Media Week
[ Media Week | 2011-07-15 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 14/07/2011 - 10:06 Revenues at Bertrams have fallen 7.5% on a like for like basis, its parent company Smiths News has said. In a trading statement for the 19 weeks to 9th July, Smiths News said like for like sales had been stronger in its most... Continue reading at The Bookseller
[ The Bookseller | 2011-07-14 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Wed, 13/07/2011 - 15:32 Amazon.com has dropped the price of its advertising-heavy Amazon 3G Kindle to $139 (£86.91). Telecoms company AT&T is sponsoring the Kindle with Special Offers, which will include campaigns for customers and sponsored... Continue reading at The Bookseller
[ The Bookseller | 2011-07-13 00:00:00 UTC ]
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Written By: Charlotte Williams and Philip Stone Publication Date: Fri, 08/07/2011 - 09:55 Print sales across the book market have dropped by 3% in the first six months of 2011, compared to the same period last year, with Jamie Oliver the bestselling author over the period, ahead of Julia... Continue reading at The Bookseller
[ The Bookseller | 2011-07-08 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 07/07/2011 - 14:31 Sales of print books in the academic, specialist and higher education publishing market have slumped in the first half of the year, with one publisher seeing a decline of 22% in print sales. But academic publishers pointed to... Continue reading at The Bookseller
[ The Bookseller | 2011-07-07 00:00:00 UTC ]
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Though many magazines are now in the tablet game, Bonniers Sound + Vision is using this opportunity to strengthen content in a way not possible on the printed page. Continue reading at Folio Magazine
[ Folio Magazine | 2011-06-29 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Tue, 28/06/2011 - 11:18 Booktrust has suspended the John Llewellyn Rhys Prize, Booktrust Early Years Award and Booktrust Teenage Prize for 2011, blaming funding cuts. The book charity said it hopes to bring them "back with a bang next year", so... Continue reading at The Bookseller
[ The Bookseller | 2011-06-28 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Wed, 22/06/2011 - 16:00 Territorial rights are "obsolete", and contribute to the erosion of publishers' margins, but publishing remains an "intimate" business that would not be improved if local nuances are not respected, delegates at Publishers... Continue reading at The Bookseller
[ The Bookseller | 2011-06-22 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Wed, 22/06/2011 - 09:15 Borders has cut its net losses by almost $100m (£61.7m) in May as two "buyout moguls" have emerged as contenders to take over the business. read more Continue reading at The Bookseller
[ The Bookseller | 2011-06-22 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Wed, 22/06/2011 - 12:07 HarperCollins has made a series of senior level promotions, with current commercial managing director Simon Johnson becoming managing director, HarperCollins, and Tom Fussell moving into the role of group commercial... Continue reading at The Bookseller
[ The Bookseller | 2011-06-22 00:00:00 UTC ]
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Open Road Integrated Media is expanding its marketing team, adding new members and promoting those within the department. Rachel Chou, chief marketing officer at Open Road, annouced the changes, crediting the growth to the rapidly expanding market for ebooks. Lauren Naefe has been hired as... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-06-08 00:00:00 UTC ]
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